Michigan credit union acquires $160M SWFL bank division

DFCU Financial, one of the largest credit unions in the country, which traces its history to Ford Motor Co. employees, is growing its presence in Florida by acquiring the Naples and Fort Myers banking operations of MidWestOne Bank. 

Dearborn, Michigan-based DFCU will pay a deposit premium of 7.5%, or about $11.9 million for Iowa City-based MidWestOne’s Southwest Florida market and its two branches, according to a statement from the bank. DFCU will add about $159 million in deposits and $162 million in loans in the deal. The transaction, subject to all regulatory requirements and standard closing conditions, is expected to be completed in the second quarter of 2024. DFCU’s board of directors approved the deal. 

This is the second time DFCU is expanding in Florida through acquisition. Earlier this year it closed on a $94 million deal to buy Tampa-based First Citrus Bank, which had $689 million in assets. This latest expansion brings DFCU’s Florida footprint to eight locations, a release from the credit union states.